Wednesday, 3 August 2016
Hospitality POS Terminals Market : Research Report,Industry Outlook and Forecast 2023
According to a new market report published by Credence Research, Inc. “Global (By Product Type (Fixed POS terminals and Mobile POS terminals), By Component (Hardware and Software), and By Application (Restaurants, Lodging Establishments, and Others) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global hospitality POS terminals market is expected to witness a steady growth, expanding at a CAGR of 13.0% from 2016 to 2023.
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A Point of Sale terminal is an electronic system/device that accepts cashless payments from customers at a point of purchase. The use of Point-of-Sale terminals has completely revolutionized the restaurant and hospitality industry. The major impact is witnessed in fast food franchises, where the manager is able to take order from the customer and send it wirelessly to the kitchen, thereby reducing the time taken to process the order. Thus, use of POS terminals enable manager to speed-up the complete order taking process and reduce time taken to serve, thereby improving the operational efficiency and customer experience. Furthermore, the use of POS systems significantly reduces the total operating cost and mistakes made due to human error, which, in turn has a significant impact on the overall profit margins earned by restaurants. Profits earned in the hospitality industry are majorly driven by customer experience. As such, offering excellent customer service not only in terms of food quality, but also secured payment processing is very crucial.
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Security concerns related to data breaches have inhibited the use of POS terminals in the yester years. However, the vendors in collaboration with software developers have been able to develop POS terminals which make debit card/credit card processing secure and seamless. In addition, POS terminals enable lodge/hotel owners to process complete lodging application data including check-in, express check-out, date and arrivals, online reservations, gift and loyalty cards efficiently. Thus, need for efficient operational management coupled with the customer-centric focus is collectively expected to drive demand for POS terminals in the hospitality sector.
In terms of geographic regions, Asia Pacific is expected to emerge as the fastest growing market during the forecast period. The anticipated growth in the region is expected to be driven by expanding fast food chains, especially in tier-3 and tier-2 cities.
The advent of cloud-based solutions has offered the much needed impetus to the global POS terminals market that was struggling to gain traction. Their emergence has made market more competitive. The intensity of competition is expected to remain high as players strive to develop innovative and more secure solutions. Some of the leading and emerging players identified in this research study include Verifone Systems, Inc. (the United States), Ingenico S.A. (France), PAX Technology Ltd. (Hong Kong), Hewlett Packard (the United States), MICROS Systems, Inc. (the United States), NCR Corporation (the United States), Panasonic Corporation (Japan), Toshiba Corporation (Japan), and Samsung Electronics Co., Ltd. (South Korea) among others.
· Growing adoption of cloud-based (SaaS platform) POS terminal devices
· Growing preference for card-based payments at restaurants, resorts, and lodging establishment
· Compliance with EMV regulations to trigger replacement demand
· Opportunity for hospitality service providers to efficiently manage operations such as check-ins, express check-outs, online reservations, and loyalty options
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